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MANILA, Philippines — There will be a big-time roll back in the prices of all fuel products by next week, the Department of Energy (DOE) said on Friday.
“May malakihang rollback tayo next week on all products … 5-6 (pesos per) liter,” Department of Energy-Oil Industry Management Bureau Director Rino Abad told INQUIRER.net in a text message.
(We are going to have a big-time rollback…)
Abad said this is due to the effects of lockdown in Shanghai, China, with interest hikes by various countries and threat of recession that could cause demand alteration.
It can be recalled that oil companies on Tuesday, July 5, slashed the prices of diesel by P3 per liter and kerosene by P3.40 per liter. The prices of gasoline, however, remained unchanged.
READ: Motorists get reprieve as fuel prices drop
The cumulative increases stand at P30 per liter for gasoline, P45.90 per liter for diesel, and P39.75 per liter for kerosene, based on DOE’s price monitoring.
Oil companies implemented the reduced prices this week after raising local pump prices for four straight weeks.
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